Cboe September index data show U.S. equity leadership narrows as volatility rises
September trading reflects a shift in U.S. equities as mega-cap technology regains leadership after August's broader rally fades. Small-cap and equal-weight benchmarks give back part of their gains for the year, while crypto-linked indexes extend their rebound.
Highlights
- S&P 500 Index drops 0.45% in September while Russell 2000 declines 5.4%, but Cboe Magnificent 10 Index rises 5.2% to 545.60.
- VIX Index jumps 9.5% to 16.34, S&P 500 Dispersion Index climbs 11.3% to 39.83, and implied correlations weaken across 1-month and 6-month horizons.
- Large-cap options-income strategies gain up to 1.4% while small-cap strategies slump as much as 4.9%, and Cboe Bitcoin ETF Indexes advance 5.9% amid lower volatility.
September market moves across equities and volatility
As reported by Cboe, citing Cboe Global Markets, the S&P 500 Index slips 0.45% in September to 7,651.54, while the Russell 2000 falls 5.4% to 2,796.86 and the Cboe S&P 500 Equal Weight Index declines 5.0%. The Cboe Magnificent 10 Index moves the other way, rising 5.2% to 545.60 and lifting its year-to-date gain to 23.1%, compared with about 12.7% for the Russell 2000 and 8.6% for the equal-weight gauge.Volatility also moves higher as market leadership narrows. The VIX Index rises 9.5% from 14.92 to 16.34 and trades in a 14 to 18 range during the month, while VIX3M climbs 4.8% to 18.37. At the same time, implied correlation weakens, with COR1M dropping 9.6% to 9.09 and COR6M easing 2.3% to 12.31, as the Cboe S&P 500 Dispersion Index increases 11.3% to 39.83 and VVIX rises 3.7%.
Options income and crypto benchmarks diverge
Options-income strategies tied to large-cap U.S. stocks hold up better than those linked to small caps. The Cboe S&P 500 BuyWrite Index gains 0.9%, BXMH adds 0.3% and CALD edges up 0.1%, while S&P 500 put-writing strategies also advance, with PUT up 1.4% and PUTD up 0.7%.Russell-linked options strategies decline alongside the small-cap selloff. BXWBW falls 4.2%, RTYDCC drops 4.9% and PUTR slips 2.6%, underscoring the performance gap by market capitalization. In crypto-related products, the Cboe Bitcoin ETF Index and Mini Bitcoin ETF Index each rise 5.9%, while the Bitcoin ETF Volatility Index eases 3.6%, indicating a steadier advance than August's more volatile 25% increase.
In our earlier article on rising defensive options activity in mega-cap tech, we examined how Nasdaq-100 positioning shifted toward downside protection as questions grew around the AI trade and higher-rate pressure. We noted that a richer put-heavy tilt—especially around QQQ—can signal increasing caution even while big tech holds up, leaving the broader market more vulnerable if AI-led leadership cracks.
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